MDR Moves Up On Spin-Off Approval

Shares of McDermott International Inc MDR have jumped after the company approved the spin-off of Babcock & Wilcox Co. The board of McDermott International Inc gave approval for the spin-off of Babcock & Wilcox Co through distribution of the stock to MDR shareholders. The distribution, which is likely to take place before July 30, will result in shareholders receiving 1 share of Babcock & Wilcox for every 2 MDR shares. Babcock & Wilcox will function as an individual, publicly traded company after the process is finalized and it will be listed on the New York Stock Exchange (NYSE) under the symbol BWC. MDR’s shares have fallen 8.91% year-to-date and 6.22% over the past week. MDR’s shares rose 3.20% to $22.57 at 11:00 am. Read more from Benzinga's Company news.